Those are our overall what we look for in people before they even come into the halls of OfferUp. We were never going to beat and become something like a Facebook. : There we go. I think you need to do it. As soon as she gave me the blessing, I completely stopped interviewing, and I went all-in on OfferUp. I feel like if you get those things rightsure, there are plenty of other challenges, but theyre going to be a lot easier to navigate if you have the right people on the bus. OfferUp is hoping technology will simplify the sale process and enable users to monetize the cash hiding in their home. I could design all the apps, but Im not a great back-end engineer at all. Again, because were always focusing on removing friction. Thats been the whole focal point of the business since Day One. Opinions expressed by Forbes Contributors are their own. Or, diving deep. OfferUp also found that 46% of respondents find it difficult to meet their household expenses on time each month, and 50% have more than $1,000 in credit card debt. We made a series of pivots. : You can always reach out to me on Twitter. He was definitely that. Net Worth:$100 MillionAge:39Born:December 8, 1982Gender:FemaleHeight:1.57 m (5 ft 2 in)Country of Origin:Trinidad & TobagoSource of Wealth:Rapper/ActorLast Updated:August 2, 2022. That was the idea behind it. Bestselling Author, The Lemonade Life. I know that OfferUp was also a result of doing a pivot. I remember when we launched it, one of the questions was, Are we now becoming like other online businesses wherewhy are we focusing on shipping? My response to that was, We are about removing friction. There are many times when you wont even get in your car to drive 30 minutes for an item. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. Van Veelen sees the mobile trend continuing in 2017. One day, she said, Im pregnant. Im like, Im so excited! I go into dad mode, and I open up that door to this room that Im going to turn into her nursery, my soon-to-be daughters nursery. What do you think? I said, Hey. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. I was fortunate to sit next to engineers who taught me how to code. Will His AI Plans Be Any Different? In fact, the first code that I ever wrote for OfferUp was sitting in a Goodwill parking lot all day, and I was just sitting there starting to code, starting to think about and mapping out how Goodwill works or how Value Village works or how the existing eCommerce players work. That was a lot of work. Now valued at over $1 billion, OfferUp is no different. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. Thats a nice, easy way to get ahold of me. . He began acting in theater at the age of 7 and released his debut single in 2002. If youre not intentional, culture is just going to take the form that its going to take for better or worse. Thats what we did for a while. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. The second promotional area is our auto business. : Then, after this, you ended up leaving, and then the company ended up closing down. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. brooke posch wedding; cockatiel breeders nsw Men umschalten. We had this concept of why cant we just emulate that online? So, I think its a founders job to be intentional about the type of culture that theyre going to build as a company and bring that into everything they do from promotions to recruiting. How was life growing up there? Also, I spent a lot of my time in a private art class most of my life, which again, as we talked about, building up companies, and I think theres a lot of creativity involved in that, so thats been part of who I am. I knew I was passionate about computers. You also are going to see a lot of big changes this year in our product. What are your core values at OfferUp? I think thats a big part early on. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. Huzar wanted to change that, so the company partnered with the non-partisan Civic Alliance to offer voting information to all OfferUp employees and, via a link in its app, to millions of customers . We sell a ton of cars at OfferUp. Van Veelen. Then, adaptable. I think that also ties nicely into culture and the intention about that. One is promotions, and thats simply helping sellers to be more successful. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. So, obviously, part of the startup experience too. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Is that right? Nick Eh 30 Net Worth. You have a lot more exposure across the country. So, Im sure he thinks what Im doing is a little crazy to him. But Id say the first year working there, there were about 25 people in that company. How Does OfferUp Make Money? She can also be seen posing for covers of several beauty magazines. Now, in terms of the business itself, how big is the platform, or can you talk to us about the number of employees or users that are using this so that people get a sense of the operation? You may opt-out by. Nick Huzar Net Worth. We were finding that theyre able to sell cars way faster by signing up for this program. How is your office laid out? : Currently, we have about 280, and we are actively hiring at the moment. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. You can literally use it for almost anything. In fact, in the early days, before we had a lot of traction, I used to show up to peoples houses, and I would buy their items, and I would stick them in our very small office that we had. The only examples we could look to at the time were dating sites. We made a lot of mistakes hiring. Thats been a big part of it. northern state university softball roster. (31) 3351-3382 | 3351-3272 | 3351-3141 | 3351-3371. location of blind frog ranch associe-se. There are two areas in which OfferUp generates revenue. How did you develop that love for computers, too? I think I learned a lot of painful learning lessons from doing that. Well continue to obsess over liquidity. Tell us about the turning page here, going into a new chapter. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. CEO, Mentor (mentormoney.com). I think were probably one of the top places in the country in terms of units. : Very nice. To ensure a more trustworthy transaction, the marketplace has a verified identification system (which requires state-issued identification and Facebook profile), user profiles, buyer and seller ratings and in-app messaging. We have really good features like search alerts and things you can say that will notify people right away. Again, were only in the United States. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. We said, Who are the people that are striving here, and why? You look at driven, for example. When you first open up the OfferUp app, there are a lot of different things that we are doing and surfacing to buyers on the platform because were trying to find things that we think people are really interested in. I would design. A few other stats that I think might be interesting about our OfferUp community and usage is, especially with this transaction coming together, well have 20 million users across the U.S. We also have a lot of our top markets where we started to see double-digit growth. : By the way, he would hate it if I called him an engineer because he is definitely more than that. So, thats the time in history when I graduated. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. The shoes Im wearing are from OfferUp. Also. This is so creative. California Weighs $360,000 in Reparations to Eligible Black Residents. Nick Huzar: You can always reach out to me on Twitter. I could code that. That is a combined net worth with his wife, model/actress Vanessa . I think thats a great idea. He and I threw in $800 the first event. I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. Nick Huzar is CEO and Co-Founder of OfferUp. I think I learned a lot of painful learning lessons from doing that. If you like the show, make sure that you hit that subscribe button. (Source: Mary Meeker/KPCB, 2016 Internet Trends Report). Just enter your email below. In this technology shift, Huzar and van Veelen saw massive opportunity, particularly as Craigslist did not adapt to the new mobile paradigm. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. : Very nice, and very timely given the times that were living in. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. Little did we know social media was coming. My wife is also my boss. Id say as hard as it is, the people are everything. That was the whole idea. Hello everyone, and welcome to the. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. OfferUp was one of the first, truly mobile marketplaces and more and more experiences are going to continue to happen exclusively via smartphones., Top 3 Tips From OfferUp To Convert Your Items To Cash. If you look at annual adoption from our customers, were looking at over 44 million. How did venture capitalists view the investment opportunity? But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Im sure this was an incredible MBA experience for you in real life. Between he and I, we were able to build the first website, the first mobile app. Particularly, the browsing experience when you first open up the app. The hottest area in real estate is not commercial, is not residential; its actually storage. In this case, it led you to where you are today. I would design. How will you associate putting paint on a canvas with perhaps building and scaling a business? I think thats another learning lesson Ive seen over the years where you have people that have these ideas, and they say, Im going to go do this. My response is, Okay. Thats been a big part of it. Alejandro: Very nice. I was just a sponge. If you want me to do your fundraising for you, click here. Together, they oversee over 100 OfferUp employees. Success is not a linear line. Can I communicate succinctly? It was more, Can you do the work? He and I would sit down and rift on things quite a bit. Again, given my artistic bent, I taught myself Photoshop. Alejandro: There, you talked about, Arean, your co-founder, and you were mentioning that hes an amazing engineer, and Im sure that there are a lot of people that are listening now that are maybe looking for a tech co-founder. I think I was making $27,000 a year back then. We learned through that experience. According to a 2016 OfferUp and ClearVoice survey, OfferUp found that 48% of respondents consider their home to be cluttered with items they do not use, and 62% own more than 10 items they have not used in the past year. He set up our entire first back-end system on AWS. The fast-forward, over the next year or so, we had done 30 of these. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. But I kept thinking to myself, Man, because of these devices, can we re-imagine what local commerce actually is? I started to uncover things like 25% of U.S. households with a two-car garage cant park in their garage. How deep in the business are you going and understanding the metrics and inputs and the outputs, and we expect that from everybody, whether an executive or somebody on the frontlines of our customer service team. What do you look for in culture? I started to buy and sell things locally. From the tough moments, from the tough experiences is where we learn the most. (Photo Credit: [+] OfferUp), At the 2013 White House Correspondents Dinner, Conan OBrien quipped that Matt Drudge, founder of the Drudge Report, was not in attendance because he had a prior commitment to teach a web design class in 1997.. Designer and entrepreneur Melody Ehsani takes us on a journey from her early days working retail, to designing her first shoes and jewelry lines, to collaborating with Red Hot Chili Peppers and Jordan brand before taking on a bespoke role at Foot Locker. We had this concept of why cant we just emulate that online? As I move from work or wherever Im at, I just want to be able to open up the app and see and discover things that are all around me. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. The other one was the cameras would get better, and we could leverage that. So, that was some of the initial sketches that we did. The fast-forward, over the next year or so, we had done 30 of these. He only had one job. Perhaps they will also appreciate it. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. We raised millions of dollars, mostly from angels. If you look at annual adoption from our customers, were looking at over 44 million. OfferUp is the largest mobile marketplace in the USA. I think that were going to really enjoy the guest that we have today. Thats equally as important. You can literally use it for almost anything. The top unused items in our homes are clothes and shoes (67%), games and toys (34%), electronics (33%), jewelry and accessories (22%) and kitchen supplies (18%). Nick Eh 30 is a Canadian YouTube gamer and a live-streamer who . Well, Nick, thank you so much for being on the DealMakers show. This is going to take me a whole weekend just to post these items online yourself. Please subscribe to unlock this content. I essentially told them, Look. I have a trampoline that I purchased. We had a lot of great. I know that OfferUp was also a result of doing a pivot. I could design all the apps, but Im not a great back-end engineer at all. Since the smartphone was just starting to really permeate our everyday lives, we wanted to make the most seamless, user-friendly mobile app that makes buying and selling locally easier than ever, van Veelen said. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. What an amazing business that youve built with OfferUp. Thats probably the biggest one. I strongly believe OfferUp will surpass Craigslist and all other competitors as the go-to marketplace for the American consumer to buy and sell locally, said Josh Breinlinger, an OfferUp board member and managing director at Jackson Square Ventures, which led OfferUps Series A financing round. So, Im sure he thinks what Im doing is a little crazy to him. He has appeared in shows as well as advised some companies. Alejandro: Very nice, and very timely given the times that were living in. Theres a handful of operating principles that we use, and then for people that are on the interview loop, we ask them to ask some questions to probe for those, and we also bring those principles into our performance reviews. Im happy to chat. We were finding that theyre able to sell cars way faster by signing up for this program. : I think businesses are about people, so when I think about it and when I think about the investors and the team. I had a room full of stuff. I grew up in a suburb about 20 minutes south of Seattle. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. What is in the retail store down the street, and why dont people know that those things exist in there. So, thats one way to think about it. The hottest area in real estate is not commercial, is not residential; its actually storage. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. The founders furnished the companys headquarters with a Yoda statue and Stormtrooper suit that they purchased from the OfferUp app. How do you guys make money for the people that are listening? I can design things, and then I can cut them up, and I can make them interactive. Nick Hanauer Net Worth. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 We would find that handful of engineers, and we would pay them. : Ive heard you talk about core values a few times and how that ties into culture. Alejandro: Very cool. Amazing. They created OfferUp to create a simpler and more trusted way to buy and sell locally one in which users leverage the power and ease of their smart phone to take photos and then list and sell items in a more seamless way. As of January 2023, The net worth of Nick is $2 million, and he earns $19K-$32K per video. I think they were all great people in their own right, but for what we were trying to build, probably not. The first year, thats what we did. What an amazing business that youve built with OfferUp. My parents threw me into a bunch of things as a kid. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. I think well continue to see a shift towards mobile, van Veelen said. Nick Huzar: I had, of course, a ton of energy and excitement. We learned through that experience. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. We hired too quickly, and we didnt know what we wanted. : What I love about building companies. Nick Huzar: During my Konnects experience? And, by the way, I never told the seller that I worked at OfferUp. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Nick Huzar: It was great. Nick Viall is an actor, model, and television personality who is known for his starring role in the 21st season of ABC's The Bachelor. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. Why is this problem existing? To give you an idea of scale, weve been installed about 90 million times. Even though we have these amazing giant tech companies, we still think theres a huge opportunity in local, and thats going to be our focus and continue to be our focus. Im happy to chat. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. Success is not a linear line. : Id say definitely the people. Alejandro: Got it. In March 2020, the company raised another $120 million through the acquisition of Letgo. The first thing in my mind was not, Hey, theres something here. The company has raised $380 million from top tier investors such as Andreessen Horowitz, GGV Capital, Tiger Global Management, Warburg Pincus, T. Rowe Price, and Allen & Company to name a few. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. They have too many, and theyre just on a wall, and no one really thinks about them. : Thank you so much for having me. OfferUp has more than doubled its employee count in the last year and is reportedly set to raise $120 million in a round that would give the. The second promotional area is our auto business. There were thousands of them. is the queen taller than the king in chess; all inclusive wedding venues under $5,000; david meade obituary He is becoming more successful day by day and will soon surpass his current net worth. : As I mentioned earlier, with some of the founding stories, Id say liquidity [28:19] is the number one metric that we spend a lot of time focusing on because we want to make sure that were creating the best experience for buyers and sellers. The first thing in my mind was not, Hey, theres something here. He only had one job. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. A few other stats that I think might be interesting about our OfferUp community and usage is, especially with this transaction coming together, well have 20 million users across the U.S. We also have a lot of our top markets where we started to see double-digit growth. 'America needs our help': Q&A with OfferUp CEO Nick Huzar after Seattle-area startup lands $120M by Taylor Soper on March 25, 2020 With many physical stores closed and online retailers facing. But my wife and I moved into a good-sized house. Theyre using it, and if you look at the usage overall, were looking at billions of dollars every month worth of goods being sold on the OfferUp marketplace. I was fortunate to sit next to engineers who taught me how to code. We were making more money doing that than we were in our day job. : Yeah, definitely. I feel like I build things and sculpt things, and that works well for me. I could code that. Ultimately, they decided to close it down. I think that also ties nicely into culture and the intention about that. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. She has made most of her net worth through her record sales as well as her music tours. You add all these things up, and I kept thinking to myself, I think while there are existing solutions for this problem, I dont think theyre meeting the needs of people, clearly. Amazing. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. He set up our entire first back-end system on AWS. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Particularly, the browsing experience when you first open up the app. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, EP 199 Nick Huzar On Raising $380M To Build A Marketplace App That Is Used By 44 Million People, Bill Powers On Raising $500 Million To Improve Your Driving Behavior, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service. He has an estimated net worth of $15 million, which includes his luxurious home in Canberra, Australia. I think it was good. Nick Huzar: While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. Thats been the whole focal point of the business since Day One. Within a year, year and a half, I was loving the internet. Sure, there are plenty of challenges. : In our case, we happen to have two different buckets. Alejandro: There we go. This documentary-style series follows investigative journalists as they uncover the truth. I need to understand how these things work. So, I finally bought one, and then I graduated and worked in a startup for one of my fraternity brothers, making half as much as all my friends did. That was the whole idea. Its not just up and to the right. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Some users use OfferUp to help grow their small businesses. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. He was able to figure things out. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . It was to explore, like more of the treasure hunt type of experience. Also, I spent a lot of my time in a private art class most of my life, which again, as we talked about, building up companies, and I think theres a lot of creativity involved in that, so thats been part of who I am. So, when we built out shipping, we said, Why not just enable this so you can continue to do local transactions, but now you dont even need to get in your car. And it opens up the nation for buyers and sellers. When you first open up the OfferUp app, there are a lot of different things that we are doing and surfacing to buyers on the platform because were trying to find things that we think people are really interested in. I think thats a big part early on. So, another great learning lesson I had is, find partners and co-founders that are very different than you and can complement the areas youre not that strong in. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. Thats equally as important. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. My parents threw me into a bunch of things as a kid. He figured that out on his own. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. I left, and I had a co-founder and an investor that ran it for another year. The other one is payments. We didnt see any examples of what we were doing in a smartphone. Again, given my artistic bent, I taught myself Photoshop. So, you get the green light, and what happened next? This guy that I worked with, he was like, I want to go through a big event together and bring all these different tech companies together in the Seattle area. I need to have it. Huzar and van Veelen focused intently on understanding the competitive landscape, consumer behavior and the economic backdrop to design a tech-enabled solution for its customer base. The boss, obviously, in your life. We have really good features like search alerts and things you can say that will notify people right away. So, we got very intentional about that. We were not paying ourselves. The Investment Thesis: A Venture Capitalist Perspective. One is core values, and the other is operating principles. You went to Washington State University, and you got involved with business and computers. : I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. The way we separated those out was intentional, where we came up with core values fairly early in our evolution, and what we didnt want to do is what I think a lot of companies do.
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